Rs 1,000 cr ship building yard at Cuddalore

CHENNAI: A world class Ship Building yard is set to come up at Cuddalore in Tamil Nadu. Good Earth Maritime, a Korean company, plans to invest Rs 1,000 crore to establishing the project.

The Tamil Nadu government and the Korean company entered into a formal MoU, here on Thursday, to pave the way for works to start for the project. The MoU was signed in the presence of Tamil Nadu chief minister, Mr M Karunanidhi, besides state Electricity minister, Mr Arcot N Veerasamy and state chief secretary, Mr L K Tripathy and other officials.

In fact, a delegation from Korea had earlier met the chief minister on November 7, 2006 and sought the government's support for establishing the ship building project in the state. Mr Karunanidhi had directed the authorities to extend all possible support to enable the project to come up in Tamil Nadu.

According to a statement, issued by the government, the project is to be completed in two phases over three years, attracting an investment of Rs 500 crore for each phase. Once completed, the project will provide direct and in-direct employment to 5,000 and 20,000 people respectively.